Update on Lake Ohau fire claims

12 October 2020 Market Information NZX Limited Level 1, NZX Centre 11 Cable Street Wellington New Zealand Company Announcements Office ASX Limited Exchange Centre Level 6, 20 Bridge Street Sydney NSW 2000 Australia Update on Lake Ohau fire claims Tower Limited (NZX/ASX: TWR) said today that while they are still working through the early stages, the financial impact of the recent Lake Ohau fire on Tower's 2021 Financial Year is estimated to be between $5 and $7 million before tax. "Our thoughts are with everyone in the community who have been impacted by these fires and we will do everything we can to support them to rebuild their homes and community," said Blair Turnbull, Tower's Chief Executive Officer. "We have had a team of people on the ground in Lake Ohau providing support for our customers, helping to lodge claims and gaining an understanding of the extent of the damage." While it is only in the early stages, Tower has currently received 5 total loss claims and 4 partial damage claims as a result of the Lake Ohau fire, and based on analysis to date, estimates the financial impact on Tower's 2021 financial results will be between $5 and $7 million before tax. Tower's 2020 Financial Year ended on 30 September 2020, and this event does not impact the company's 2020 Financial Year results, due for announcement on 25 November 2020. ENDS This announcement is authorised by the CEO. Blair Turnbull Chief Executive Officer Tower Limited ARBN 088 481 234 Incorporated in New Zealand For media queries, please contact: Nicholas Meseldzija Head of Corporate Affairs and Reputation Mobile: +64 21 531 869 Email: Nicholas.meseldzija@tower.co.nz End CA:00361285 For:TWR Type:GENERAL Time:2020-10-12 09:51:13